Not everyone is aware that they have the right to arrange their personal or corporate tax affairs in a manner that will minimise the amount of tax they pay. Prime Chartered Accountants has a wealth of experience in tax planning that can improve both business and individuals’ tax positions.

Self assessment for individuals and partnerships has brought increased burdens on all taxpayers as it is now your legal obligation to meet the deadlines imposed by the legislation in order to avoid unnecessary fines and interest charges.

Capital Gains Tax is a tax on the profit you make when you sell an asset. Careful planning of capital asset disposals to utilise your annual personal CGT allowance is essential to minimise your capital gains tax liability. With a personal allowance of £10,600 per tax year, any chargeable gains in excess of this are imposed at the following Capital Gains Tax rates:

Whether you are an employer or an employee, a higher rate earner or a married couple, find out how you are affected by 2012/13 changes to Income Tax by using our easy reference Personal Tax Chart. Prime’s trained experts can also advise you on the latest Company Car Tax, Benefits in Kind and Mileage Allowance rates while our Prime Paysolve team can even handle all your PAYE and NIC requirements, ensuring that your payments are accurate and on time.

The minimisation of a company's corporation tax liabilities can help maximise the amount of funds available to reinvest in the business or to return to the shareholders. At Prime Chartered Accountants, we have a range of services to help you cope with increasingly complex Corporate Tax legislation together with a full tax planning service including:

Capital Allowances continue to offer legitimate, yet under-exploited opportunities to reduce tax liabilities for a wide range of capital expenditure in relation to property. This capital allowances regime is legislated by HMRC and is an entitlement too valuable to be overlooked.

With the huge increase in property values, Inheritance Tax is an area which could give rise to unexpected liabilities for the unwary. At Prime Chartered Accountants we can provide expert planning advice on the mitigation of potential inheritance tax liabilities.

Value Added Tax is one of the most complex and onerous tax regimes imposed on business - so complex that many businesses inadvertently overpay or underpay VAT. This is complicated further by different VAT rates, potential partial exemption and the administration for companies that wish to trade overseas both within and outside the EU. This complexity means that valuable in-house resources could be deployed elsewhere in the business.

When assets are left to beneficiaries as a direct lump payment, these assets are considered to be part of the beneficiary’s estate, allowing risk of attack from future divorce settlements, creditors and taxation. So how can you ensure that your assets will reach your children, grandchildren and other relatives rather than ending up in the wrong hands?

Whether you are an employer, employee, employed or self-employed, awareness of National Insurance contributions (NICs) is vital. And with strong enforcement powers and anti-avoidance legislation available to HMRC, ensuring that you comply with your National Insurance contributions is of paramount importance.

Any client can be selected for enquiry by HMRC. It is estimated that there is a £40bn tax gap between what is due to HMRC and what they collect. As a result, HMRC has been tasked with reducing this deficit by £6bn over the next four years so all businesses are at risk of tax enquiry/investigation.

With HMRC becoming increasingly aggressive in their approach to raising tax, many clients like the peace of mind that, should they receive notification that their affairs are to be investigated, any time we spend on supporting the investigation, is paid for.